Answer:
1234.08 weeks.
Step-by-step explanation:
Since, the amount formula in compound interest is,
Where, P is the principal amount,
r is the rate per period,
t is the number of periods,
Given,
P = $ 150,000,
Annual rate = 8 % = 0.08,
So, the weekly rate, r = ( 1 year = 52 weeks )
A = 1,000,000
By substituting the values,
Taking log both sides,
Hence, for become a millionaire we should wait 1234.08 weeks.